Benefits of a CPA Career

Today, the CPA credential equates to a world of possibilities. Gone are the days of back-room number-crunchers and in their place are a diverse group of professionals involved in shaping the futures of the businesses and individuals they serve. Today's CPAs are the CEOs and CFOs of major corporations, technology managers, forensic experts and much more. Following are the Top 10 Benefits of a career as a CPA.

1. Job Satisfaction
2. Diversity of Career Options
3. Creativity
4. Challenging and Rewarding Work
5. Job Security
6. Opportunity to Contribute to Society
7. Involvement with People
8. Financial Security
9. Intellectual Development
10. Prestige

1. Job Satisfaction

Considering the amount of time one spends building a career and then working on the job, it pays to make sure you find something you enjoy doing and brings you a sense of satisfaction. By earning your CPA certificate, you can position yourself for a rewarding and broad-based career path. You also will find yourself part of a profession that is actively involved in setting a course for its future.

2. Diversity of Career Options

CPA certification opens doors to a wide variety of career options. Some current hot areas in accounting include:

• Assurance Services -- Think of a hot growth area in the economy and you will find a need for Assurance Services. Electronic commerce, risk management, elder care are just a few areas where CPAs use their analytical and information processing skills to ensure and improve the quality of information for decision makers.
• Information Technology Services -- The growth in information technology has created numerous job opportunities for accounting professionals with strong computer skills who can design and implement advanced systems to meet an organization's specialized needs.
• Environmental Accounting -- As businesses take a greater interest in the environment, CPAs now are involved in everything from performing environmental compliance audits, to handling claims and disputes, to setting up preventative systems to ensure compliance and to avoid future claims and disputes.
• Forensic Accounting -- Forensic accountants look beyond the surface of accounting records to determine if fraud has been committed and search for evidence of criminal conduct. As such, forensic accountants also often assist legal professionals in the litigation process.
• International Accounting -- As the world has become more global, cross-border transactions have become more common place. This has created a need for accountants possessing a knowledge and understanding of international trade rules, government regulations and tax laws.
• Consulting Services -- CPAs are engaged by individuals, businesses, financial institutions, not-for-profit organizations and government agencies to provide objective advice and technical assistance on a variety of business and financial situations.
• Tax and Financial Planning -- CPAs offer assistance to individuals, companies and organizations in identifying financial objectives and counseling them on the risk, liquidity and management and tax characteristics of investments. As tax and financial planning specialists, CPAs are involved in everything from preparing tax returns, to helping restructure a multinational corporation's investment portfolio, to minimize its tax liability.

Some of the other positions held by CPAs include financial analysts, FBI special agents, security sale representatives and revenue agents.

3. Creativity

Catalyst, rainmaker, the translator who turns vision into reality. These are just a few of the terms that convey the range of creativity exercised by today's CPAs. By pursuing a CPA career path, you are provided with a means for developing your communications, leadership and strategic thinking skills, as you also learn how to interpret converging data, anticipate and create opportunities, and translate complex information into critical knowledge. More than just numbers, a CPA career path allows you to make sense of a changing and complex world.

4. Challenging and Rewarding Work

What do Philip Knight, CEO of Nike and Arthur M. Blank, former President and CEO of Home Depot, all have in common? Both are CPAs and each has become successful in large part because of the business knowledge and distinction their certification has given them. Ask just about any CPA and you'll discover that the world of accounting is a challenging and rewarding one. It's a world that involves looking beyond the numbers to discover how best to shape financial futures. It's a world filled with opportunities and the chance to specialize. It's a world where you can work in sports and entertainment, the legislative arena, a specific industry, or even go out on your own as an entrepreneur. To read about the work and lives of some CPAs, read our CPA Profiles.

5. Employment Stability

The employment of accountants and auditors is expected to increase 10-20 percent through the year 2008, according to the Occupational Outlook Handbook, published by the U.S. Department of Labor's Bureau of Labor Statistics. The handbook further notes that those who obtain professional recognition by earning their CPA, a master's degree, and/or specialized expertise will have an advantage in the job market. In addition to openings resulting from growth, the need to replace accountants and auditors who retire or transfer to other occupations is expected to produce thousands of job openings annually.

6. Opportunity to Contribute to Society

CPAs make an immediate and lasting difference in the lives of the people and the businesses they serve. CPAs help people to set and reach their financial goals from paying for a child's college education to funding a retirement. They assist businesses with identifying new markets and opportunities. They help with solving and preventing fraud. And they even get involved with cleaning up the environment as environmental auditors.

7. Involvement with People

There is hardly an aspect of a CPA's work that does not involve working with people. As advisors to individuals and businesses, CPAs serve as strategic partners to a range of people and personalities. They serve as team members in all sorts of business and financial environments, helping to solve such problems as identifying and building the best technological format for a major corporation, to exploring and developing new markets for a global corporation, to investigating and prosecuting cases of white- collar crime. They are the professionals people and businesses trust. Survey after survey has shown that the public rates the CPA profession among the most trusted professions, while small-business owners provide the CPA with a 95-percent trust factor.

8. Financial Security

Average starting salaries for accounting and finance professionals should remain consistent with previous levels, according to the 2004 Robert Half and Accountemps Salary Guide. According to the Salary Guide, a graduate degree or professional certification can increase a candidate's base compensation by an average of 10 percent. In 2004, accountants and auditors with one to three years of experience earned between $33,250-$49,250. Senior accountants and auditors earned between $40,500-$62,750; managers earned between $48,750-$81,500; and directors of accounting and auditing earned between $64,750-$157,250 a year. The variation in salaries reflects differences in size of firm, location, level of education, and professional credentials.

9. Intellectual Development

To train as an accountant is to develop your critical thinking skills, analytical abilities and problem-solving capabilities. To earn your CPA is to also commit to lifelong learning and to be continually broadening your horizons. The CPA commitment to continuing education provides a definite competitive edge as you work along in your career. Employers value those professionals who not only keep their skills and knowledge base fresh, but who also are devoted to learning and developing new competencies.

10. Prestige

To be a CPA is to count yourself among one of the most highly respected and prestigious professions. Along with doctors, lawyers and bankers, those who hold their CPA are viewed as having obtained a high level of success and accomplishment.